UBM - Indian Steel Companies Worry About Demand As Auto Sales Fall
By Sohrab Darabshaw
Since April this year, the Indian automobile sector has been seeing signs of a slowdown in sales. This has led to job cuts and expressions of concern from some major domestic steel producers.
The slump in the sales of four- and two-wheelers has forced companies and ancillary automotive supply units to either shut down factories for specific hours (even days) or axe shifts, leading to a reduction in both temporary and permanent workers.
Auto sales for the June quarter are at their lowest in almost two decades, according to